The fact is that Bhutan was in the top three largest holders of bitcoin in the world as early as the middle of last year, behind only the United States and China, RBC reported. The kingdom has been actively mining the cryptocurrency since 2020, while using excess electricity from hydroelectric power plants. At the end of 2024, the amount of bitcoins mined by Bhutan reached approximately 13,000.
The recent active sell-off of crypto assets does not fit in with the Kingdom’s previously announced plans, which is what has alarmed investors.
As RBC recalls, in December 2024, Bhutan said it had allocated $1 billion in bitcoins to develop Gelephu Mindfulness City (GMC), a special economic zone that will use digital assets as financial reserves. GMC board member Jigdrel Singay said at the time that Bhutanese authorities considered bitcoin as a strategic reserve asset and had no plans to sell it, but it could be used for treasury operations, as collateral or as a long-term store of value.
The increased pace of crypto-asset withdrawals from Bhutan’s reserves is evident in the numbers. In January this year, the state sold 285 BTC, in February – 100 coins, and for the incomplete March – already 1071 bitcoins.
As a result, Bhutan has moved to seventh place among the largest holders of cryptocurrencies, behind the UK, Ukraine, UAE and El Salvador.
